US Bancorp DE lowered its position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 6.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 70,189 shares of the data storage provider's stock after selling 4,621 shares during the quarter. US Bancorp DE's holdings in Western Digital were worth $2,838,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its stake in Western Digital by 52.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,838 shares of the data storage provider's stock valued at $1,166,000 after buying an additional 9,974 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in Western Digital by 5.1% in the first quarter. Asset Management One Co. Ltd. now owns 144,307 shares of the data storage provider's stock valued at $5,834,000 after buying an additional 6,947 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Western Digital by 6.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 89,244 shares of the data storage provider's stock valued at $3,608,000 after buying an additional 5,711 shares in the last quarter. Crossmark Global Holdings Inc. lifted its stake in Western Digital by 1.6% in the first quarter. Crossmark Global Holdings Inc. now owns 242,349 shares of the data storage provider's stock valued at $9,798,000 after buying an additional 3,920 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Western Digital by 7.3% in the first quarter. Rhumbline Advisers now owns 674,874 shares of the data storage provider's stock valued at $27,285,000 after buying an additional 46,202 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on WDC. Wedbush boosted their price objective on shares of Western Digital from $78.00 to $90.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Benchmark boosted their price objective on shares of Western Digital from $58.00 to $85.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. BNP Paribas reissued an "outperform" rating on shares of Western Digital in a research report on Friday, May 16th. TD Cowen boosted their price objective on shares of Western Digital from $58.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. upgraded shares of Western Digital from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $45.00 to $57.00 in a report on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Western Digital has a consensus rating of "Moderate Buy" and a consensus price target of $78.74.
Get Our Latest Report on WDC
Insider Activity at Western Digital
In other Western Digital news, SVP Gene M. Zamiska sold 1,729 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $54.88, for a total transaction of $94,887.52. Following the completion of the transaction, the senior vice president owned 40,089 shares in the company, valued at approximately $2,200,084.32. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Irving Tan sold 11,379 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $48.19, for a total transaction of $548,354.01. Following the transaction, the chief executive officer owned 605,481 shares of the company's stock, valued at approximately $29,178,129.39. The trade was a 1.84% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,353 shares of company stock valued at $657,454. Company insiders own 0.30% of the company's stock.
Western Digital Price Performance
Shares of WDC stock traded up $0.53 on Friday, reaching $74.97. The company had a trading volume of 4,983,586 shares, compared to its average volume of 7,507,482. The stock has a market capitalization of $26.16 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 0.90 and a beta of 1.58. The company has a quick ratio of 0.84, a current ratio of 1.08 and a debt-to-equity ratio of 0.47. Western Digital Corporation has a one year low of $28.83 and a one year high of $78.80. The business's 50-day moving average is $64.57 and its 200 day moving average is $54.15.
Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The data storage provider reported $1.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.48 by $0.18. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.45 billion. Western Digital had a net margin of 14.13% and a return on equity of 24.93%. The firm's quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter last year, the business earned $1.44 EPS. Equities research analysts forecast that Western Digital Corporation will post 4.89 EPS for the current fiscal year.
Western Digital Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, September 4th. This represents a $0.40 annualized dividend and a yield of 0.5%. Western Digital's dividend payout ratio (DPR) is presently 7.77%.
Western Digital announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 13th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the data storage provider to buy up to 11.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.
Western Digital Profile
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Free Report)
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.
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